Dao Maker, a crowdfunding platform was hacked, CipherBlade is conducting an investigation into the hack and has identified a Binance account associated with the attacker.
Hackers have taken funds from more than 5,000 user accounts on the DAO Maker crowdfunding website, which is used to raise financing for crypto projects.
Hackers were able to withdraw around $7 million in USD Coin (USDC) from 5,251 user accounts at around 1:00 a.m. UTC today, according to DAO Maker CEO Christoph Zaknun’s report.
According to the platform, the attacker first stole 10,000 USDC via a smart contract exploit, then conducted 15 more transactions to obtain extra cash.
“One of the reasons this happened is most likely because the number of deposits under the [Strong Holder Offering] contract far beyond our estimates,” Zaknun remarked in a Twitch AMA.
“We never expected more than $2.5 million to be deposited in there at first, but the SHOs grew in popularity over time.”
Users with up to $900 in their accounts, according to DAO Maker, have been “completely unaffected,” with the platform shifting the funds into separate wallets.
However, the project announced that all deposits would be halted until the completion of a complete Root Cause Analysis.
CipherBlade, a blockchain intelligence business, is investigating the hack and has discovered a Binance account linked to the perpetrator. In addition, the company stated that it will look into compensating all affected users.
Despite its name, DAO Maker appears to have no ties to MakerDAO, the decentralized finance (or DeFi) platform that underpins the stablecoin Dai (DAI).
The crowdfunding platform was hacked after one of the largest hacks in the DeFi market. An unknown person utilized a cross-chain protocol called Poly Network to steal at least $600 million from three networks this week.
In an odd turn of events, the hacker has since returned $258 million of the funds and talked with Poly Network users directly in a Wednesday AMA utilizing Ethereum transactions embedded messages.
They claimed to have done the breach “for fun” because “cross-chain hacking is popular,” but they did not appear to have a strategy to move the monies after successfully obtaining them.
